Bitcoin, Ethereum Show Diverging Supply Trends

Bitcoin ($BTC) and Ethereum ($ETH) are currently witnessing mixed investor sentiment. As per the latest report from Glassnode, both the momentum buyers and first buyers in the Bitcoin ($BTC) ecosystem, showing notable engagement, reflecting sustained demand. The on-chain analytics firm shared insights into the latest engagement levels in the Bitcoin and Ethereum networks.

Bitcoin Ecosystem Resilient Buyer Engagement, Highlighting Significant Demand

The market data suggests noteworthy buyer engagement in Bitcoin, mirroring healthy demand. The respective trend is considered very constructive for the recent rally of Bitcoin. In this respect, the exclusive market entrants and the trend-chasing investors are continuously taking interest. Additionally, the existing Bitcoin holders are also not majorly engaging in the profit-taking. This highlights the underlying support for the potential price action of Bitcoin.

Ethereum Buyers Engage in Profit-Taking while $ETH Faces Resistance

Glssnode’s insights reveal that, as the large-scale distribution is missing, it permits the market to develop a relatively sustainable basis. Hence, it decreases the risk of severe corrections that the abrupt sell-offs pose. In the meantime, Ethereum is presenting a somewhat different dynamic. Following subdued activity for many months, $ETH is currently experiencing its earliest meaningful upsurge among first buyers after February. Nonetheless, the profit-taking is rising among Ethereum investors, suggesting a potentially approaching resistance in comparison with Bitcoin.

Broader Market Nears Key Technical and Psychological Levels

According to Glassnode , despite this delicate difference between the Bitcoin and Ethereum dynamics, the wider market maintains active engagement. Particularly, Bitcoin is expressing a more resilient structural support in the case of price rally. However, Ethereum’s recovery momentum faces pressure. Hence, the market is approaching notable technical and psychological levels.